Insurers cite another culprit: Reinsurers, who don't agree

11:16 AM,
Feb. 24, 2013

Written by

Andrea Rumbaugh
arumbaugh@news-press.com

Insurance companies need insurance too, and this type of insurance - called reinsurance - can impact the price of homeowners insurance.

Tim Shaw, president of Tim Shaw Insurance - Acentria, said insurance companies have been purchasing more reinsurance at higher costs.

Companies began purchasing more reinsurance after Hurricane Andrew hit the state in 1992. Shaw, by talking with insurance companies he does business with, said reinsurance costs between 35 and 65 percent of the premiums that insurance companies charge. ...